Govt honours nine companies, 113 businesses as top VAT-payers

Commerce Minister Tofail Ahmed handing over a crest to Omar Hannan, DGM of M M Ispahani Limited, as the government honoured top nine VAT-payers at the national level at a programme in the city Thursday on the occasion of National VAT Day – 2014. — FE Photo

The government honoured top nine VAT payers at the national level and 113 businesses at district level across the country for highest payment of VAT to the public exchequer.

Commerce Minister Tofail Ahmed handed over crests and certificates to the top volume added tax (VAT)-paying companies at a programme in the city.

The National Board of Revenue (NBR) organised the award-giving function on the occasion of celebrating National VAT Day-2014 on Thursday.

The NBR held a rally in the city to observe the day and decided to celebrate a VAT Week from July 10 to July 16.

Source: daily Star

State Minister for Finance and Planning MA Mannan and economic adviser to the Prime Minister Dr Mashiur Rahman attended the programme as special guests with NBR member Farid Uddin in the chair.

The NBR selected the companies in three categories—production, service and business.

The Sales and Marketing Division of M.M Ispahani Group, the oldest conglomerate of the country was honoured with the award under business category.

Other two winning companies under the business category are BRAC Aarong and Huawei Technologies BD Limited.

Photo: Daily Star

Three companies received national award under production category. These are Rashidpur Condensate Fractionation Plant, Fenchuganj Gas Field Project Limited and Bangladesh Petroleum Exploration and Production Limited.

From service sector, RFL Plastics Limited, TUV SUD Bangladesh Private Limited and National Television Limited have been rewarded for highest payment of VAT.

The companies were selected on the basis of their VAT payment in fiscal year (FY) 2012-13 and according to the amended ‘Award policy for highest VAT paying companies, 2005’.

Winners of the awards urged the government to frame business-friendly policy to encourage payment of VAT. They also called upon the government to make consumers aware of payment of VAT through adequate campaign.

Omar Hannan, deputy general manager (DGM) of sales and distribution division of M.M Ispahani Ltd, said fear-factor should be removed to inspire people for payment of VAT.

“Motivation of tax officials is needed as field-level officials often cause panic to the businesses at the time of VAT collection,” he added.

Mainuddin Monem of Abul Monem Group, pleaded for more incentives for the taxpayers, simplification of payment procedures and increasing tax net to augment revenue collection.

Akhil Datta of Tecno-Drugs said the businesses collect VAT; they do not pay from their pockets. So there is no question of harassment if they do not evade tax.